LISLE, Ill. – Navistar this morning reported a second quarter net loss of U.S. $80 million on revenues of $2.1 billion.
The company said it expects truck sales to improve through the second half of the year, driven by backlog and improving industry conditions. The loss compares to a net income of $4 million during the second quarter of 2016.
Revenues for the quarter were down 5% year-over-year, primarily due to a weaker truck market, where chargeouts were down 5%.
“We are on track to improve on last year’s results, but still have quite a bit of work to do in the second half,” said Troy A. Clarke, Navistar chairman, president and chief executive officer. “However, the work we’ve done in the first six months growing share, building our backlog, and managing costs, combined with improving industry conditions, positions us to deliver a stronger second half.”
Navistar reiterated its 2017 guidance, which includes retail deliveries of Classes 6-8 trucks and buses in the US and Canada of between 305,000 and 335,000 units for the fiscal year.